Middletown, CT (February 7, 2022) –Colebrook Financial Company, a leading lender to the timeshare and travel club industries, announced that it has provided an additional $10 million in financing to Global Exchange Development Corporation (GEDC). GEDC is the development company that builds or acquires the inventory for Global Exchange Vacation Club (GEVC), finances the purchases of the timeshare memberships, is the company responsible for selling GEVC’s memberships and in doing so hypothecates the consumer notes created by the sales.
Colebrook and Global Exchange have had a relationship since 2009. GEVC is one of the most versatile and flexible vacation ownership products in the industry offering RCI points to a predominantly South Western market.
According to Rick Sargent, President / Global Exchange Development Corporation, “Thanks to Colebrook we can continue to offer our Global Exchange Vacation Club members affordable and flexible vacation opportunities in luxury accommodations all over the world. Colebrook Financial is one of the few lenders who understands the vacation club model. We differ in that we do not offer a deed to ownership, but rather allow our members customization when it comes to the length of vacation time, size of accommodations and when or where they wish to travel. Colebrook gets that.”
Mark Raunikar, Partner, Colebrook Financial said, “In this rising rate environment, we were pleased to structure a transaction that enabled Global to convert variable rate debt to a fixed rate, lower its borrowing costs, and lock in a profit. It has been a great pleasure working with GEVC over the last 13 years, and we look forward to working with Rick for many years to come as he continues to manage his business with unmatched energy and optimism.”
Colebrook is a pioneer in many forms of financing and began working with club products before most lenders. Few competitors can match their longevity in the industry. They enjoy a reputation for adapting to new situations more quickly than larger institutions.
